Ford Motor Co.

Japanese automakers Toyota Motor Corp. and Mazda Motor Corp. plan to spend $1.6 billion to build a joint-venture auto manufacturing plant in the U.S. — a move that will create up to 4,000 jobs, both sides said Friday.

The plant will have an annual production capacity of about 300,000 vehicles, and will produce Toyota Corollas for the North American market. Mazda will make cross-over models there that it plans to introduce to that market, the companies said.

Toyota and Mazda are forming a capital alliance and splitting the cost for the plant equally. It is due to begin operations by 2021.

After reassessing the market, Toyota has changed its plan to make Corollas at a...

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